NAVIGATING THE REALITIES START-UPS FACE: WHAT YOU SHOULD KNOW

By: Oladapo-Akinfolarin Ifeoluwa Grace

Embarking on a new venture can be exhilarating, filled with prospects. Yet, tempered with harsh realities that can make or break a fledgling enterprise. Whether you are an aspiring entrepreneur or own a business, understanding the realities startups face can help you navigate the journey you seek to embark on.
journey
A startup is a fledgling business designed to create a new product or service with the aim of solving specific problems while operating under conditions of extreme uncertainty. Its notable features range from small number of employees to high uncertainty, innovation, amongst others. Interestingly, a business within its first to eighth year can be considered a start up.
One could ponder on its notable characteristics which infact its challenges lie. We would explore the essential hurdles that startups must overcome to thrive in a competitive landscape. While the statistics for the percentage of startups performance vary, a significant number is noted for the failure rate. This constitutes reasons such as misreading market demands and lack of funding. The challenges faced by startups can be viewed as the reasons for its failures. As we delve deeper, noting these pitfalls and avoiding them, could steer your venture toward success.
What greater issue could pose a definite reason for failure in a consumer centric market where a start up builds the wrong product? While original ideas and innovations are very much to be embraced, it is much valued when it solves a problem, hence meeting market demands. However, should the reverse be the case, poor marketing and strategy would not yield the likely returns expected for the business. It is important to note that until people understand and accept the value your product or service render, you cannot force them to buy into your idea. In an era marked by rapid technological advancement and changing consumer behaviours, short-term thinking as well as refusal to pivot due to the evolve of markets could bring about failure in startups as innovation would be lacking. It is often said that a system is only as good as the leadership in place. Poor leadership in a business would have a predictable end: A FAILED STARTUP. Whilst we examine the factors that pose as challenges, omitting a key factor by which startups are built on would be a fatal error: FUNDING. Every startup requires funding for its project to be materialized.
failed startup
Failed Startup
The aim of this blogpost wouldn’t be fully realised if solutions to the challenges noted above are not spelt out. Startups should seek for funding from investors. Avenues created for such opportunities could be gotten through engagement in ecosystems that support entrepreneurship, for instance, Hebron Start-Up Lab, angel investors, accelerator programs, crowdfunding platforms amongst others. Understanding your market and developing unique selling propositions is a good way to go as building a recognizable brand is vital for attracting and retaining customers. Startups should be sensitive to time management and the relevance of the product or service they render. Innovation should be embraced; therefore, startup founders are discouraged from getting emotional attachments to their ideas, to be able to pivot due to evolves in the market. A strong company culture should be incorporated with long-term thinking in view. The importance of team management cannot be over emphasized as “teamwork, makes the dream work”.
Team work
Teamwork makes the dream work
Each startup faces its own challenges. Some scale through these and eventually build a name for themselves. A few of these would be highlighted from failed startups to thriving ones. Due to certain factors including environment, lies several ideas and concepts that failed to scale and innovate to stay ahead of new trends. These include showroom.ng, Konga, Easy taxi amongst many others. However, some of these startups have successfully navigated these challenges and achieved success. From tech startups to fintech companies, these ones have found a way to explore innovative solutions and maintain a success rate. A good example would be Flutterwave; a fintech company that ensures easy payment processing online across African retail markets
Flutterwave
Navigating the realities of a startup is a challenging yet rewarding endeavour. It is essential to understand and prepare for these common challenges, thus enhancing your chances of success. Through resilience, focus, and an innovative mindset, your dream of building a successful startup is attainable. While the basics of what to expect when considering a start up have been reviewed, equipped with the right knowledge and strategies can move you from concept to reality.
It is ATTAINABLE
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